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Stock-Based Compensation (Tables)
 9 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
The following table shows stock-based compensation expense that is included in the consolidated results of operations (in thousands):
Three months ended June 30,Nine months ended June 30,
2024202320242023
Cost of sales$173 $160 $529 $463 
Sales and marketing1,218 1,089 3,594 3,012 
Research and development517 469 1,448 1,386 
General and administrative1,606 1,801 4,522 4,991 
Stock-based compensation before income taxes3,514 3,519 10,093 9,852 
Income tax benefit(724)(760)(2,138)(2,096)
Stock-based compensation after income taxes$2,790 $2,759 $7,955 $7,756 
Schedule of Stock Option Activity
The following table summarizes our stock option activity (in thousands, except per common share amounts):
Options OutstandingWeighted Average Exercise PriceWeighted Average Contractual Term (in years)Aggregate Intrinsic Value (1)
Balance on September 30, 20231,553 $18.52
Granted87 24.59
Exercised(91)28.43
Forfeited / Canceled(39)27.61
Balance on June 30, 20241,510 $18.743.3$7,659 
Exercisable on June 30, 20241,160 $17.192.9$7,220 
(1) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on our closing stock price of $22.93 as of June 30, 2024, which would have been received by the option holders had all option holders exercised their options as of that date.
Schedule of Valuation Assumptions
The following table shows the weighted average fair value, which was determined based upon the fair value of each option on the grant date utilizing the Black-Scholes option-pricing model and the related assumptions:
Nine months ended June 30,
20242023
Weighted average per option grant date fair value$12.44$19.88
Assumptions used for option grants:
Risk free interest rate
4.48% - 4.68%
3.50% - 3.98%
Expected term6.00 years6.00 years
Expected volatility
46% - 47%
46%
Weighted average volatility46%46%
Expected dividend yield——
Schedule of Nonvested Restricted Stock Units
The following table presents a summary of our non-vested restricted stock units and performance stock units as of June 30, 2024 and changes during the nine months then ended (in thousands, except per common share amounts):
RSUsPSUs
Number of AwardsWeighted Average Grant Date Fair ValueNumber of AwardsWeighted Average Grant Date Fair Value
Nonvested on September 30, 2023846 $30.56 135 $37.72 
Granted343 24.98 135 24.81 
Vested(280)25.13 (30)37.11 
Canceled(44)30.13 (17)28.94 
Nonvested on June 30, 2024865 $30.11 223 $30.65